• Corporate  |  JUNE 30, 2015 9:31 PM

    George Kent targets RM3 bil order book this year

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    George Kent (M) Bhd aims to have an order book of up to RM3 billion this year, says group chairman Tan Kay Hock. Tan said the current order book stands at over RM1 billion and the outlook for the company is excellent. …

  • Corporate  |  JUNE 30, 2015 9:24 PM

    Berjaya Corp proposes to dispose of stake in unit

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    Berjaya Corp Bhd (BCorp) proposes to dispose of 100% stake in Berjaya Environmental Engineering (Foshan) Co Ltd to Foshan City Nanhai Grandblue Solid Waste Treatment Holding Co Ltd for RM76.68 million. BCorp said the proposed disposal would provide an opportunity to unlock its investment in Berjaya …

  • Finance  |  JUNE 30, 2015 9:22 PM

    Islamic banking on track to meet financing target

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    Malaysia’s Islamic banking sector is on track to meet its target of 40% of total financing by 2020, driven by the industry’s ability to continuously tap opportunities to finance the activities of the real economy. Bank Negara Malaysia (BNM) deputy governor Muhammad Ibrahim …

  • Finance  |  JUNE 30, 2015 9:16 PM

    Islamic banking to grow 18% y-o-y in next 5 years

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    Malaysia’s Islamic banking sector is expected to grow at an average rate of 18% year-on-year (y-o-y) in the next five years to US$296.26 billion (RM1.1 trillion) by 2019 compared with US$141.77 billion in 2013. The Islamic Research and Training Institute (Irti) director-general Professor Mohamad …

  • Corporate  |  JUNE 30, 2015 9:07 PM

    ‘Suria KLCC no longer supports local brands’

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    Suria KLCC Sdn Bhd’s action to ask BTC Clothier Sdn Bhd to move to a new location gave an impression that it discriminated against Malaysian brands. This was said by Pat Liew, 64, the founder, chief executive officer (CEO), and director of …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 8:35 PM

    1MDB: Energy asset purchase benefits nation

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    1Malaysia Development Bhd (1MDB) reiterates that energy asset purchase represents compelling long-term value and benefits to the nation. “We believe that the value we paid – which may have involved a premium in certain instances, as is common when acquiring another business – …

  • Corporate  |  JUNE 30, 2015 8:25 PM

    Agrobank becomes full-fledged Islamic bank

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    Agrobank will move away from its conventional-based operations and become a full-fledged Islamic bank starting tomorrow. Agriculture and Agro-based Industry Minister Ismail Sabri Yaakob said Agrobank’s transition to an Islamic banking system is in line with the government’s aim to increase Islamic funding to …

  • Finance  |  JUNE 30, 2015 8:07 PM

    Back to the drachma? Greek lawmaker touches a nerve

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    An opposition lawmaker in Greece touched a nerve on Tuesday when he told parliament the left-wing government had a team preparing the ground for a return to the drachma, a prospect many Greeks fear would bring chaos. The government of Prime …

  • TigerTalk  |  JUNE 30, 2015 7:45 PM

    How is 1MDB on the right track, Husni?

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      With whistle-blower Xavier Justo blamed for controversies around 1Malaysia Development Berhad (1MDB) and all other ills in the world, the Ministry of Finance has claimed 1MDB is really “on the right track”. But down what road? There was much …

  • OTHERS  |  JUNE 30, 2015 7:26 PM

    Yong Tai to dispose of stakes in loss-making units

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    Yong Tai Bhd signs agreements with Extreme Riches Sdn Bhd to dispose of its stakes in loss-making units. In a statement today, Yong Tai said it will sell its 100% equity interest in Golden Vertex Sdn Bhd and The Image Outlet Sdn Bhd …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 7:17 PM

    Greece will not pay IMF debt on Tuesday

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    Greece will not pay the 1.6-billion-euro (RM6.7 billion) debt instalment to the International Monetary Fund due on Tuesday, but Athens still holds out hope of a last-minute deal with creditors on an aid package, Finance Minister Yanis Varoufakis says. Asked …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 7:11 PM

    Greek official says ‘initiatives’ underway on last-minute deal

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    Last-minute contacts are underway between Athens and Brussels on Tuesday to try to reach an accord over bailout terms for Greece, a Greek official says, just hours before the package is due to expire. “There are initiatives,” the official said, without …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 7:04 PM

    BNM international reserves at RM390.2 bil

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    [email protected]

    The international reserves of Bank Negara Malaysia (BNM) were at RM390.2 billion as at June 15; sufficient to finance 8.1 months of retained imports and 1.1 times the short-term external debt. In a press statement today, the central bank noted …

  • Featured and Exclusive & Opinion  |  JUNE 30, 2015 7:00 PM

    Squashing the superbugs

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    LONDON – Current antibiotics are becoming increasingly ineffective, not only at fighting common illnesses like pneumonia and urinary tract infections, but also at treating a range of infections, such as tuberculosis and malaria, which now risk again becoming incurable. With …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 6:56 PM

    1MDB: Talks with Ipic to reduce debt ongoing

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    The negotiations between 1Malaysia Development Bhd (1MDB) and the International Petroleum Invest Co (Ipic) following a binding term sheet are still ongoing, 1MDB says in a statement. These discussions include what assets 1MDB will transfer to Ipic as part of …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 6:54 PM

    ‘Fuel price change notice only for retailers’

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    There will no longer be any notification on fuel price change to the public and such a notice will only be issued to retailers at midnight on the last day of the month. Domestic Trade, Cooperatives, and Consumerism Minister Hasan Malek said this …

  • Corporate  |  JUNE 30, 2015 6:51 PM

    PM witnesses signing of S’wak Pan Borneo Highway MOU

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    Prime Minister Najib Abdul Razak witnesses the signing ceremony of a memorandum of understanding (MOU) for the construction of the 1,090km Sarawak Pan Borneo Highway involving the federal government, Sarawak state government, and Lebuhraya Borneo Utara Sdn Bhd (LBU). LBU was appointed the project …

  • World Biz  |  JUNE 30, 2015 6:38 PM

    Sony’s RM13.5 bil share sale strains investor faith

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    The company plans to raise about 440 billion yen (RM13.5 billion) by selling common stock and convertible bonds to help finance an increase in production of image sensors used in smartphones, Sony said Tuesday in a statement. The stock, which …

  • Markets  |  JUNE 30, 2015 6:23 PM

    KL shares close higher on technical rebound

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    Bursa Malaysia ended higher today on technical rebound after Monday’s steep decline, bolstered by gains in consumer and key finance counters, a dealer says. At 5pm, the FTSE Bursa Malaysia KLCI finished at 1,706.64, up 14.72 points, after fluctuating between 1,691.03 and …

  • Finance, Markets, World Biz  |  JUNE 30, 2015 6:23 PM

    Currency traders seek clarity as policy gaffes stoke volatility

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    If there’s one thing currency traders want from politicians and central bankers in the second half of the year it’s more clarity — and fewer gaffes — on policy direction. The headlines from the Greek talks are the latest example: …

  • Corporate  |  JUNE 30, 2015 6:17 PM

    Spad says KL-Padang Besar ETS not approved yet

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    The Kuala Lumpur-Padang Besar, Perlis Electric Train Service (ETS) route can only operate after getting the approval of the Land Public Transport Commission (Spad). Spad chairman Syed Hamid Albar said Spad is still inspecting the ETS trains and railway tracks. “We have told …

  • Markets  |  JUNE 30, 2015 6:09 PM

    Ringgit ends higher against US dollar

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    The ringgit pared yesterday’s losses to close firmer against the US dollar, bolstered by commercial demand, dealers say. At 5pm, the local note was quoted at 3.7740/7770 against the greenback from 3.7825/7855 on Monday. A dealer said apart from month-end commercial demand …

  • Commodities  |  JUNE 30, 2015 6:06 PM

    KLTM ends US$480 lower US$14,380 a tonne

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    The Kuala Lumpur Tin Market (KLTM) closed US$480 lower at US$14,380 per tonne today due to increased offerings and buyers’ reserve, says a dealer. He noted that the KLTM price was at its lowest level of US$14,300 per tonne in 2010. “The current …

  • Commodities  |  JUNE 30, 2015 6:03 PM

    Rubber market ends sharply lower

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    The Malaysian rubber market closed sharply lower due to the strengthening of the ringgit, a dealer says. He said the market was also in fear of uncertainty over Greece’s debt crisis, as reports said tens of thousands of Greeks rallied to back …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 5:58 PM

    Tough choice, but Greeks better off saying no: Stiglitz

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    As the Greek debt crisis deepens ahead of a referendum on accepting bailout terms by European partners, Nobel laureate economist Joseph Stiglitz has presented an argument in favour of saying no. In a Project Syndicate column published by The Guardian …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 5:44 PM

    Greek PM Tsipras considers latest offer from creditors

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    Greek Prime Minister Alexis Tsipras is considering a last-minute bailout proposal by the European Commission, the Greek daily Kathimerini reported on Tuesday, with the clock ticking down to the expiration of the bailout programme. “The prime minister’s office has told …

  • Corporate  |  JUNE 30, 2015 4:47 PM

    SRC confident Shell Overseas on track to settling loan

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    Shell Refining Co (Federation of Malaya) Bhd (SRC) is confident that its major shareholder Shell Overseas Holdings Ltd is on track to settling its short-term loan of RM450 million by year-end. SRC had in 2010 obtained the RM450 million loan to be …

  • Corporate  |  JUNE 30, 2015 4:46 PM

    Shell Refining confident that RM450 mil loan will be settled

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    Shell Refining Co (Federation of Malaya) Bhd (SRC)is confident that its major shareholder, Shell Overseas Holdings Ltd, is on track to settling its short-term loan of RM450 million by year-end. SRC had in 2010 obtained the RM450 million loan to be used …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 4:21 PM

    Unions in East M’sia pledge support for MAS restructuring

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    Four unions in Sabah and Sarawak today declared their full support for the MAS restructuring plan and for Christoph Mueller, the chief executive officer of Malaysia Airlines Berhad (MAB), the company replacing Malaysian Airline System Berhad (MAS). The four unions are the …

  • Finance  |  JUNE 30, 2015 4:04 PM

    Greek minister tells China Greece won’t leave euro zone

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    Greece will not leave the euro zone, the country’s foreign minister Nikos Kotzias told China’s ambassador to Greece Zou Xiaoli, according to a statement on China’s Foreign Ministry website. “Greece will not leave the euro zone, and is willing to …

  • Economy & World Biz  |  JUNE 30, 2015 3:59 PM

    Commute masks worries for cash-strapped Greeks

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    On her train commute this morning, on the first day of life under capital controls, Maria was struck by the climate of normalcy. “It’s just a day like every other day so far,” said the 44-year-old financial consultant, who declined …

  • Economy  |  JUNE 30, 2015 3:48 PM

    Median monthly salary, wage up 4.9% in 2014

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    The median monthly salary and wage received by paid employees increased 4.9% on an annual basis to RM1,575 in 2014 from RM1,500 in 2013. The mean monthly salary and wage increased 8.4% to RM2,231 from RM2,052 recorded in the same period previously, …

  • Markets  |  JUNE 30, 2015 3:39 PM

    KL shares remain in positive territory at mid-afternoon

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    Bursa Malaysia remained in positive territory at mid-afternoon today, in line with the regional markets despite Greece’s debt crisis, a dealer said. At 3.03 pm, the FTSE Bursa Malaysia KLCI, increased 20.8 points to 1,689.67 points. The bullish market was supported by buying …

  • Corporate  |  JUNE 30, 2015 3:36 PM

    DNeX eyes increased contribution from halal hub

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    Dagang NeXchange Bhd’s unit Dagang Net Technologies Sdn Bhd, which manages the online Global Halal Exchange (GHE), expects it to contribute 10% to the group’s earning within five years. Chief executive officer Zulina Mohammed Salleh said currently its contribution is small because it …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 3:35 PM

    92.5% construction sites do not follow safety steps

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    As many as 92.5% of the 3,021 construction sites inspected by the Department of Occupational Safety and Health (Dosh) in the first five months of this year, did not comply with the regulations set, says Human Resource Minister Richard Riot Jaem. He said in …

  • World Biz  |  JUNE 30, 2015 3:34 PM

    World’s 2nd richest man scraps project with Trump

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    Mexican billionaire Carlos Slim, who is the world's second richest man, has canceled a project with real estate developer and TV personality Donald Trump after his comments insulting Mexicans, Slim's spokesman said on Monday.

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 3:27 PM

    US lawyer files suit against Airbus over QZ8501 crash

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    One of the world’s leading aviation lawyers files a lawsuit on behalf of families of passengers aboard AirAsia Flight QZ8501 that crashed into the Java Sea in December last year. On Dec 28, 2014, the Airbus A320 was travelling from Surabaya, Indonesia to …

  • Economy  |  JUNE 30, 2015 3:17 PM

    Domestic PPI falls 0.9% in May

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    Malaysia’s producer price index (PPI) for May 2015 decreased 0.9% to 103.5 from 104.4 recorded in April 2015, the Statistics Department says. This was due to a decrease in the local production index of 1.5%, while the import price index increased 0.1%. Year-on-year …

  • Corporate & Featured and Exclusive  |  JUNE 30, 2015 3:09 PM

    FGV says to rely on debt to fund Eagle High deal

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    Malaysia’s Felda Global Ventures Holdings Bhd (FGV) says it plans to rely mostly on debt to fund its US$680 million (RM2.57 billion) purchase of a 37% stake in Indonesia’s PT Eagle High Plantations, saying that it is not overpaying and would …

  • Featured and Exclusive & World Biz  |  JUNE 30, 2015 2:53 PM

    Tsipras says EU won’t eject Greece as cost to be ‘immense’

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    The battle lines over Greece’s future hardened as the country prepares to leave the protection of Europe’s bailout regime and its citizens grapple with a new reality of capital controls. As 12,000 people gathered in the central Syntagma Square with …

  • World Biz  |  JUNE 30, 2015 2:35 PM

    Uber’s worldwide roadblocks in one map

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    It hasn’t been a smooth ride for Uber Technologies. The car-booking company has a knack for riling up the taxi and limousine industry, which has often responded with protests such as those in Paris and San Francisco. Uber also routinely upsets regulators, which are challenging or …

  • Finance  |  JUNE 30, 2015 2:22 PM

    Greece to reopen bank branches for pensioners

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    Greece will reopen 1,000 bank branches from Wednesday until the end of the week to cater for pensioners who do not use cash cards for automated teller machines (ATMs), the Finance Ministry says on Tuesday. Banks are expected to remain closed …

  • Corporate & Markets  |  JUNE 30, 2015 2:19 PM

    PublicInvest upgrades TNB to ‘outperform’

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    [email protected]

    PublicInvest Research has upgraded utility provider Tenaga Nasional Bhd (TNB) to “outperform” based on the latter’s investment proposition following its recent share price weakness. “The current weak share price of TNB which yields a 16% upside potential to our target …

  • Corporate, Featured and Exclusive, Property  |  JUNE 30, 2015 2:12 PM

    1MDB to review proposals for Air Itam, Pulau Indah land

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    [email protected]

    Controversial 1Malaysia Development Bhd (1MDB) is seeing plenty of interest in its land parcels in Air Itam and Pulau Indah, which the company previously said it intends to monetise. In a statement today, 1MDB said it will appoint an independent …

  • Corporate, Featured and Exclusive, Property  |  JUNE 30, 2015 2:03 PM

    Buyer netted RM26m from property sale to Mara Inc

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    An unknown property buyer allegedly netted a profit of A$9 million (RM26 million) in just six months by selling a Melbourne office building to Mara Inc Sdn Bhd, Pandan MP Rafizi Ramli claims. Going by Mara documents leaked to him …

  • Corporate  |  JUNE 30, 2015 2:02 PM

    Daya Materials to buy subsea vessel for RM453 mil

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    Daya Materials Bhd (DMB) gains shareholders’ approval for the purchase of a dynamic positioning class 2 offshore subsea construction vessel, known as Siem Daya 1, for US$120 million (RM453.09 million). The vessel will be acquired from Siem Offshore Rederi AS, said the oil …

  • Commodities  |  JUNE 30, 2015 1:55 PM

    Palm exports jump as Intertek data point to June record

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    Palm oil exports from Malaysia rose in June on increased cargoes to India and Africa, according an estimate from a surveyor that would be a record for the month if it’s confirmed by the government in the second-largest shipper. Shipments …

  • Featured and Exclusive & Finance  |  JUNE 30, 2015 1:48 PM

    Ringgit sukuk issuance doubles as yields fall

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    Islamic bond sales in Malaysia are set for the best quarter in more than a year as infrastructure firms take advantage of the lowest borrowing costs in 16 months. State-owned DanaInfra Nasional Bhd led companies in raising RM17.9 billion since …

  • Corporate  |  JUNE 30, 2015 1:36 PM

    Ikhmas plans to bid for jobs worth RM5 bil by year-end

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    Ikhmas Jaya Group Bhd, poised for a listing on Bursa Malaysia’s Main Market on July 27, plans to bid for construction jobs worth up to RM5 billion by year-end. Group managing director Ang Cheng Siong said projects include affordable homes being built by …

  • Markets  |  JUNE 30, 2015 1:25 PM

    KL shares continue uptrend at mid-day

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    Bursa Malaysia continued its uptrend at mid-day, underpinned by gains recorded in consumer and key finance counters, dealers say. At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI stood at 1,707.48, up 15.56 points, after moving between 1,691.03 and 1,707.48 throughout the morning session. Nestle …